Global shares fell on Tuesday as caution set in ahead of the Federal Reserve's upcoming policy meeting, while bumper profits at Europe's biggest bank gave financial stocks a boost.
In currency markets, the Aussie dollar was the standout performer, rising by as much as 1.3% after the Reserve Bank of Australia's decision to raise interest rates, having indicated at its last policy meeting that it may not tighten monetary policy any further.
"One of the things that sticks out to me is that they're still saying they might need to increase interest rates," said Commonwealth Bank of Australia strategist Joe Capurso.The U.S. dollar was steady against a basket of major currencies , while the euro eased 0.1% to $1.097.Overall, the mood in markets were fraught. U.S. President Joe Biden on Monday summoned the four top congressional leaders to the White House next week after Treasury Secretary JanetU.S.
The risk of the U.S. government actually running out of money is low, TraderX's Brown said, but that hasn't stopped traders from preparing for such an eventuality. "The problem is, if you're a trader, or a risk manager, and you haven't hedged appropriately and this time, it does turn out to be different, you're going to be having a very difficult conversation with your boss," he said.
"You're almost forced to hedge for something that isn't going to happen, just on the off-chance that it does happen."
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